From using statistics for our everyday budgeting to governments relying on data to run their countries, there’s no denying just how crucial number-crunching is in modern life. Applied statistics, in and of itself, is becoming an immensely popular field of study thanks to the sheer scope of actionable data that’s ever-growing in all industries.

While you may be passionate about statistics and raw data, it might not be obvious immediately as to what you can do with an associated degree. Ultimately, applied statistics training could help you to solve complex problems and issues with greater confidence — a skill that’s going to be immensely transferable cross-industry.

There is no shortage of long-term, fascinating and rewarding jobs for skilled statisticians — and for those who genuinely care about how data can affect the world around us. Leading institutions, such as Michigan Tech, are providing access to courses, including their Masters in Applied Statistics, to cater to true mathematicians.

Let’s take a closer look at what applied statistics involves and what opportunities could be awaiting you upon graduation from an AS degree or similar program.

What is applied statistics? 

Applied statistics is a broad term, as it covers multiple aspects of specific roles in varying industries. With a degree in applied statistics, you will learn how to plan for data collection and management, analyze it, apply statistics to existing problems and even discover new possibilities.

We live in a data-driven world. Everything works in numbers and problems. A skilled statistician will know where to look for the essential data in their field, how to read it, how to interpret the meaning of the data collected using algorithms, tools and even their own software, and how best to move forward with it to prevent problems from occurring again in the future.

It’s why applied statisticians have become so relied-upon in public and private business circles. But what are the main differences between applied statistics and data science?

Data science observes the extraction and organization of information. While data scientists observe and analyze information trends, they also work hand-in-hand with applied statisticians.

Applied statistics, meanwhile, is the science of actually using this data to solve real problems. It’s more than simply collating numbers and looking for patterns. In the public sphere, you will typically find applied statistics relating to the art of using data to solve common concerns.

By graduating with a degree in applied statistics, you’ll be ready to read data and apply it to broader plans for problem-solving. This could take you to one of many different industries and niches. So, what’s out there for graduates in terms of a job market?

What can you do with a Masters in Applied Statistics?

Given the broad need for applied statisticians, graduates in applied statistics can expect a wide variety of roles and positions to be available both at home and abroad. Many go on to become in-house statisticians, data analysts, data scientists or professors.

However, did you know that a degree in applied statistics could also lead you to become an electrical engineer, insurance actuary, business intelligence analyst, computer scientist, market research manager, insurance actuary or even a sports analyst? These are all roles where understanding and appreciating data can help to resolve ongoing issues, soothe customer pain points and even help to manage public concern.

It’s a common misconception that any degree in applied statistics will simply lead you towards a number-crunching role with barely any variety. It’s a highly valuable qualification that could open multiple doors for you across a long and rewarding career. If you’re data-minded and can clearly see how to apply results to real-life planning, it’s a fantastic route to consider.

How much can you earn with a degree in applied statistics? 

Nothing is more rewarding than doing a job that matters and makes a difference. However, it is also only natural to wonder about the income you may be expecting from a degree in applied statistics! 

Your potential salary will vary, of course, depending on the industry you work in, the company you work with and your level of experience. For example, general statisticians make over $95,000 in average yearly salary. 

Experience, of course, is key. A few years after graduating, you can expect to build on this salary, although ceilings will still likely vary depending on your industry. Senior financial analysts, data scientists and senior data analysts all earn above $90,000 per year, with data engineers and actuaries earning well over $100,000 annually.

If you really get involved in your industry, there’s no reason why you can’t build your income expectations even further. Business data analyst managers, marketing research managers and statistics professors all earn up to $150,000 per year, and these roles are available across multiple industries, niches and disciplines.

Statisticians are in high demand. It is believed that between 2020 and 2030, the overall employment of statisticians will rise by about 35%, which isn’t hard to believe when you consider that data is always growing.

Data is everywhere

Data is ubiquitous. Not only is it going to keep on increasing, the need for applied statistics is evident across industries as diverse as hospitality and leisure, transport, food technology, aerospace, upholstery, education and entertainment. With data, and by applying statistics to everyday problems, professionals can solve complex issues that may be holding companies — and their customers — back.

Applied statistics is an endlessly fascinating field that can open many doors for professionals. It requires serious analysis and critical thinking. However, at the same time, it requires a genuine interest in how data can help to resolve some of our longest-standing issues.

With educational bodies ready to innovate to help propel society forwards, it’s unsurprising to find that more and more establishments are providing applied data training.

Through an applied statistical career, you will be able to adapt your knowledge and experience to changes in your field — and wider society — putting you at the heart of resolving some serious challenges. Already rewarding and refreshingly exciting, it’ll be interesting to see what further opportunities develop for graduates in the years to come.

The development of the Internet and technology has enabled us to change various things in our lives. For example, one of the tremendous changes was that, after many years, people from underdeveloped areas finally got access to financial services. It also made it easier to communicate with our loved ones who are now just a tap away from us; we can even see them on our screens instead of just hearing them. Could you imagine waiting for a letter from your family or friends living abroad to discover what is happening with them, instead of just using messenger apps to call them and see them in real-time? That was a reality for people just a few decades ago; now, they are closer to us than ever. These are just a few of the benefits these developments brought to us.

Rise of E-commerce

Individuals were not the only ones who experienced the benefits these developments brought, as companies have also been updating their business technologies to reach more people. One of the business sectors that experienced the most significant change was retail, with most of the eCommerce companies undergoing digital transformation and transferring their operations online. This made it easier for retailers to reach more customers and allowed individuals to conduct their shopping quickly and efficiently online. At the same time, this change has allowed hackers and fraudsters easier access to their victims, increasing the number of transaction frauds. In 2021. estimated e-commerce losses to online payment fraud were 20 billion U.S. dollars, which is an increase of 14 percent compared to the previous year. Unfortunately, this number just keeps on growing, year by year.

Dangers of E-commerce

The introduction of online transactions has brought various benefits to businesses and customers, from more efficient and quicker sales to a broader product reach. Unfortunately, the hackers also want to use them and profit from unsuspecting victims. Every business dealing with finances needs to start introducing transaction fraud prevention into their security strategy if they want to remain safe. Hackers and fraudsters are constantly on the lookout for targets that can make them big profit as fast as possible and by investing the least possible effort. This is why they prefer targeting the e-commerce sector, as many companies that work in retail are not proactive about their cybersecurity strategy. By knowing the financial fraud risks you will face, you can take steps in the right direction and protect your business and its customers.

What is transaction fraud?

Online payments have become one of the most popular payment forms in the world today. Research by Experian claims that over 90% of consumers worldwide use online payment when purchasing goods and services. Unfortunately, this brings risks of becoming a victim of transaction fraud to any business dealing with finances. Transaction fraud happens when fraudsters and hackers gain access to another person’s payment information and use that information for unauthorized transactions or purchases. This is often not noticed by legitimate card owners until they check their bank statements and discover unauthorized transactions. When they discover the unauthorized transaction, they will raise a chargeback request that is often damaging for the affected business. Once the business settles the dispute and refunds the legitimate card owner, they will also have to pay different fees such as chargeback and investigation fees and face the loss of the purchased item, its revenue, and their time. This is why any business dealing with online payments should concentrate on stopping the transaction fraud before it happens instead of just reacting after the fact.

Why do hackers target online transactions?

The E-commerce industry is often a target of hackers due to various factors, from the low level of security and large amounts of sensitive data to their connection with payment services. This gives fraudsters different opportunities for utilizing their malicious actions.

By gaining access to users’ payment details, they can purchase goods and services from companies and disappear with the money before anyone realizes it. Hackers and fraudsters prefer conducting an online transaction fraud rather than a physical one since there is a higher chance they will be successful. For example, at the physical shop, you can see your customer, recognize any suspicious behavior and verify they are a card owner by checking their ID and signature or confirming the transaction with a PIN. Unfortunately, verifying the cardholder’s identity online can often be very challenging, making it easier for hackers to trick you. In recent years there has been an increase in the development of successful identity verification tools that can change this, but more often than not, small retail businesses haven’t embraced them yet.

Most card owners don’t check their bank statements regularly, making that a considerable benefit of transaction fraud for hackers and fraudsters. This way, they can conduct their fraudulent activities and be long gone before anyone notices something happened, leaving legitimate card owners and affected businesses to deal with the aftermath.

Additionally, the ease and convenience of online transactions allow fraudsters and hackers to test out a large list of stolen credit cards. This way, they can quickly check which ones are still valid since they would be able to complete transactions only with cards that are still active. Once they know this, they can use them to achieve more fraudulent transactions until the legitimate card owner discovers what is happening and blocks the card or until they are stopped by the cybersecurity system of the targeted company.

Conclusion

The rise of online payments has changed the way most businesses conduct their payment protocols and allowed customers to do their shopping from the comfort of their homes. While this made lives easier for both parties, it also increased the risk of transaction fraud. Hackers and fraudsters are constantly updating their fraudulent activities, so they can be harder to detect while reaching more targets. The rise of online payments has given them that opportunity. Now they can conduct their fraudulent activities in a matter of seconds and be long gone with stolen goods or money before anyone discovers what happened. Businesses and individuals can no longer ignore what is happening and keep reacting after the fact. It is time to start taking proactive steps to ensure that fraudsters don’t get the upper hand and that everyone is safe online.